Pet insurance has become quite popular in recent years mainly because, for lack of a better word, it “delivers.” When the concept of pet health insurance first debuted several years ago, many assumed that it was some kind of lark or fad. Of course, pet insurance is neither of those as it serves a vital function: it provides a valuable financial ‘safety net’ that ensures proper medical care will be provided to a dog, cat, et al when the need for medical treatment is required. You would not want to be in a situation where you were not able to provide care for your beloved pet, would you?

Comprehensive Pet Insurance vs. Discount Pet Insurance

Now, it must be understood that not all pet insurance plans are cut from the same mold. While there are a variety of pet insurance plans, most plans fall into one or two categories: they are either comprehensive pet insurance plans or they are discount pet insurance plans. Again, while variations exists, the common difference between a comprehensive plan and a discount pet insurance plan is that a comprehensive plan involves a monthly payment no different than a “human” insurance plan while a discount pet insurance plan usually centers on a lump sum annual fee that is at a reduced cost of the comprehensive plan.

Powered by ScribeFire.

Just like shopping for health insurance for you and the family, it is wise to compare pet insurance before signing up for the policy. There is more to consider than just the monthly premiums, such as per incident deductible, out-of-pocket limits and any limitation on the maximum payout for the animals lifetime. Similar to health care for people, when you compare pet insurance plans you will find that the ones with the lowest monthly cost may not offer the best deal for the money.

When you compare pet insurance, obviously you will look at the monthly premiums, but consider the deductibles available with each premium. With higher deductibles the monthly costs is typically lower, but if the difference is $150 for instance for each time the vet sees the animal, two or three visits to the doctor with the higher deductible can make the average monthly cost of the insurance considerably higher. You will also want to compare pet insurance for the maximum amount payable per incident as well as for the lifetime of the pet.

Policy limits can limit the type of medical treatment your pet receives and when you compare pet insurance, remember the sophisticated test procedures now available for veterinarians such as x-rays and CAT scans that can be costly. If the policy sets limits on the total cost of procedures, such testing can quickly reach the policy limits, leaving you with a large chunk of the vet bill not covered.

Powered by ScribeFire.